Spotify tops 70 million paying users

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Spotify's Chief Content Officer, Stefan Blom, is leaving the streaming company in the coming weeks - amid the firm's attempt to list on the New York Stock Exchange. Spotify didn't give a reason for his exit.

The new milestone is definitely good news for the company that is heading to an IPO later this year.

A replacement for Blom - who has been with Spotify since 2014 - has not yet been named.

Yesterday, Spotify announced it has 70 million paying subscribers.

Its closest competitor, Apple Music, reported 30 million subscribers in September. Spotify launched in 2008 and Apple Music came on the scene in 2015. Worldwide, the app is now used by hundreds of millions of consumers, per Apple's estimate.

Financial terms of the Shazam deal were not disclosed, but sources told TechCrunch that it was worth approximately $400 million.

Spotify's valuation as of December topped US$19 billion (AU$27 billion), up from US$16 billion (AU$22 billion) earlier in the United States autumn, Reuters reported last month.

In preparation for its listing, Spotify spent the past year securing direct licensing deals with all three major labels, Universal Music Group, Sony Music and Warner Music Group, along with independent label org Merlin.